The potential of the Japanese vaccines market has persuaded GlaxoSmithKline to spin off its vaccines business in the country into a joint venture with Daiichi Sankyo that will sell jabs protecting against a variety of illnesses, including flu, mumps, diphtheria, rotavirus, measles and rubella.

The two companies initially will invest a minimal sum of 50 million yen (£387,000) each in the combined entity to cover start-up costs. They will split profits evenly from the venture, which will be the largest vaccines operation in Japan.

Sir Andrew Witty, the GSK chief executive, has identified vaccines as one of the company’s top